Carlton retained to sell $13 million in REO, nonperforming assets
Cleanup from the nation's worst housing crisis since the Great Depression continues with Carlton Advisory Services receiving an order to sell $13 million worth of nonperforming and performing loans as well as REO assets. New York-based Carlton is looking for investors to acquire the portfolio which is backed by residential properties in 23 states, with 42% of the assets located in California and 24% in Florida. Both states were hit hard by the foreclosure crisis, with many properties going into a distressed state in the past three years. The seller in the deal was not identified by Carlton Advisory Services. The portfolio is being offered in bulk, with bids due on July 15. Carlton's efforts come at a time when the nation's shadow inventory still stands at 1.7 million residential units, according to the latest report from CoreLogic (CLGX). Even though the shadow inventory has fallen by one-fifth since reaching its peak in early 2010, CoreLogic estimates it will take another several years to completely move the inventory through the pipeline. Write to: Kerri Panchuk.